Zillow acknowledged the fact that their offers estimate of your home value has a high error rate and It has become a habit of trusting online home valuations as people lack someone to ask.
See more of this in this article:
Web site says Zestimates offers ‘a good starting point’ for a house’s wo...
So why is this information important? It is a routine that Zestimate is what is being quoted to realty agents as gauges of market value. This high error rate or inaccuracy is not a small sum of money. We are talking about a window of at least 4% to as high as 7.3%. Which can be an undisputed factor whether to wait for your home value to go higher or to sell instantly.
"Zestimate" on Zillow's website is not that easy to track down. You can definitely click the box in the middle of the home screen, however, once you got the numbers, there is no way to know why is it that high or low or if you will have additional questions, it all ends there.
Once you visit Zillow.com, scroll down to bottom is the small tab "Zestimates". Here you will find the FAQ about Zestimates and other information that you may not be aware of before.
How the Zestimate Home Value tool performs, is quite alarming. They don't just get to show that they are unhappy with how their tool works but also leans toward the probability of having another team to deliver a better job than them.
Zillow has just recently announced that they are rewarding a team $1,000,000 for drastically improving the Zestimate.
As a proud locale and a member of the Carlsbad community who has been involved in real estate for many years, I would be more than happy to send you a free report of exactly what your home is worth.
We do live by the influence of technology nowadays, but the accuracy of your home value is what matters most as one of your largest financial assets.